Energy prices may have fallen recently, but most British people still do not think their energy bills will be any lower in the coming year.
Censuswide conducted a survey of 6,000 people from around the UK for Compare the Market. It found that 61% of those surveyed did not believe their energy bills would go down. Moreover, just over half of them (53%) said that compared to five years ago, they now felt poorer.
Their concerns may be justified somewhat, because while Ofgem’s energy cap went down in July to £1,568 for the average UK dual-fuel household, there are indications that it could go up again in October. Cornwall Insight, which tries to forecast the price cap based on the wholesale energy markets, recently predicted it rising to £1,723 in October. Columbia Threadneedle Investments also forecasted a higher estimate of £1,762.
Compare the Market Director Guy Anker said that while the UK Government could take action to help:
“…we also encourage everyone to take proactive steps to help positively manage their finances. Comparing products before purchase or renewal, and also regularly setting out a budget throughout the year, are two of the best ways to help save money and make the right choices for your specific needs.”
While there is little you can do about the price of energy, you can still save money by using less of it. For example, Xgas can provide a boiler installation in Chester to replace an old inefficient boiler, so get in touch to learn about financing options.
